Crosspoint Capital Partners, formed by a veteran technology CEO, has raised about $250 million for its debut fund for investments in cybersecurity, data privacy and infrastructure software, a source told Buyouts.
Crosspoint, led by Greg Clark, is targeting $1 billion for the first fund. Fund I is expected to raise about $400 million through October, the person said. Clark is the former CEO of two private equity-backed tech companies, Symantec Corp and Blue Coat Systems.
Park Hill Group is working as placement agent on the fundraising.
Crosspoint Capital invests in North American companies focused on cybersecurity, data privacy and infrastructure software, according to Crosspoint Capital’s Form ADV.
The firm was a minority investor alongside Advent International in its acquisition of Forescout Technologies earlier this year.
Clark formed Crosspoint along with managing partners Steve Luczo, chairman of Seagate Technology; Matt MacKenzie, senior vice president, chief of staff at Symantec; John Mumford, founding partner of Crosspoint Venture Partners; and Hugh Thompson, chief technology officer of Symantec.
Crosspoint is one of several first-time GPs testing the pandemic-scarred market with new funds. LPs for the most part have been focusing on their existing relationship and making re-up commitments, rather than forming new partnerships.
Another first-timer in the market is GHK Capital, formed by ex-Goldman Sachs industrials banker Gilbert Klemann. GHK is targeting $350 million and has raised about $150 million so far, Buyouts previously reported.